How is the daily interest calculated?
Interest is calculated based on the following formula:
Daily Interest Earned = End-of-day Special Jar Balance x (Interest Rate / Total Days of the Year)
- Interest earned is computed daily at ten (10) decimal points and paid out weekly at two (2) decimal points.
- End-of-day Balance refers to the balance in your Special Jar at 23:59:59 on a given day.
Illustration:
On Day 1, you deposited RM2,000 into your MYDIN Jar.
Jar end-of-day balance = RM2,000
Jar interest rate = 4% p.a.
Total days of the year = 366
- End-of-day balance = RM2,000
- Interest rate = 4% p.a.
- Total days of the year = 366
- Daily interest computation (rounded to 10 decimal points) = RM2,000 x (4% / 366) = RM0.2185792350
- Weekly interest accrued (rounded to 10 decimal points) = RM0.2185792350x 7 days = RM1.530054645
- Weekly interest paid (rounded to 2 decimal points) = RM1.53
On Day 8, RM1.53 interest will be credited to your MYDIN Jar.